Saturday, 26 July 2014
Last updated 14 hours ago
May 7 2014 | 11:04am ET
Hong Kong’s Securities and Futures Commission today moved to bar two former Tiger Asia Management executives from trading in the city.
Tiger Asia founder Bill Hwang, former head trader Raymond Park and the firm itself should be forbidden from trading in Hong Kong for up to five years, the SFC told Hong Kong’s Market Misconduct Tribunal. Tiger Asia pleaded guilty in the U.S. to insider-trading of two Hong Kong-listed stocks, and last year lost its effort to keep the SFC from barring the firm and its principals.
Since the guilty plea, Tiger Asia has become a family office called Archegos Capital Management, which still employs both Hwang and Park. “The potential still exists for market misconduct,” SFC lawyer Simon Westbrook said.
Archegos laywer Peter Duncan argued that trading bans were designed to protect investors and not to punish misconduct. The so-called “cold shoulder order” would be “unduly harsh and oppressive,” he said.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…